Schedule 38 | Sale and repurchase of securities etc

Increase of repurchase price of UK securities by amount of deemed manufactured dividend

(1)In section 737C of the Taxes Act 1988 (deemed manufactured payments)—

(a)in subsection (3)(b) (repurchase price of UK equities to be treated as increased by gross amount of deemed manufactured dividend), omit “gross”, and

(b)omit subsection (4) (definition of gross amount).

Deemed manufactured payment where transferor or connected person makes payment representative of dividend

(2)Repealed^F1

(3)Repealed^F2

Provisions to cover both “put” and “call” options

(4)Repealed^F3

(5)Repealed^F4

(6)Repealed^F5

(7)Repealed^F6

(8)Repealed^F6

(9)Repealed^F6

Option premium to be reflected in sale price unless brought into account under derivative contracts provisions

(10)Repealed^F6

Exchange gains and losses

(11)Repealed^F6

(12)Repealed^F6

(13)Repealed^F6

(14)Repealed^F6

Exceptions

(15)Repealed^F7

(16)Repealed^F8

(17)Repealed^F8

(18)Repealed^F8

Connected persons

(19)Repealed^F8

Correction of section 730A(6B) of the Taxes Act 1988

(20)Repealed^F8

Commencement

(1)Paragraph 1 has effect in relation to repurchase prices becoming due on or after 9th April 2003.

(2)Paragraphs 2 to 19 have effect in relation to agreements to sell securities made on or after 9th April 2003.

(3)Repealed^F9